TechFlow news, March 10 — According to Singapore's Business Times, 20-year-old Singaporean Malone Lam has been arrested for allegedly participating in one of the largest cryptocurrency thefts in U.S. history. He was seen spending up to $500,000 (approximately 665,000 Singapore dollars) in a single night at nightclubs and photographed giving Hermès Birkin bags to models and influencers at lavish parties. The U.S. Department of Justice stated that Lam and his 21-year-old American accomplice Jeandiel Serrano, arrested in September 2024, are charged with "conspiring to steal and launder more than $230 million (approximately 306 million Singapore dollars) in cryptocurrency." At current prices, the stolen 4,100 bitcoins are worth over $450 million.
During the brief period between the theft and their arrests, the two rapidly spent the illicit funds on extravagant lifestyles. Management at a Los Angeles nightclub told investigators that Lam "spent approximately $400,000 to $500,000 per night at their venue." One receipt showed he spent as much as $569,528.39 in a single evening, including 55 bottles of Grey Goose vodka and 48 bottles of Ace of Spade champagne. The pair also purchased over 30 luxury vehicles, including customized Lamborghinis, Ferraris, and Porsches, as well as high-end watches. Lam bought a watch worth $2 million and a Lamborghini Revuelto priced at over $1 million.
As of last October, about $70 million had been recovered or frozen across various exchanges. Court documents indicate that "even accounting for the millions Serrano and his co-conspirator spent on cars and jewelry, more than $100 million remains unaccounted for." If convicted of stealing over 4,100 bitcoins, Lam faces a maximum sentence of 20 years in prison, a fine of up to $250,000, or twice the amount gained from the fraud. Lam's trial is scheduled for October 6.
